EFTA02408777

To: Jeffrey Epsteinfleevacation©gmail.com] From: Jeffrey M Matusow Sent: Tue 7/27/2010 7:36:52 PM Subject: Various Quiet day in equity markets — Dow is up 25 pts and S+P is flat. The Euro is trading around 1.30, GBP around 1.56 Gold is off $25 on the positive risk sentiment — trading at $1160. Look for support at the 200 day moving average level around $1150. India raised rates earlier today more than expected and the currency rallied 50bps. We have a NOK/SEK forward maturing on Thursday — the position is down about $65k. I think we should let it settle and take the loss. USD/NOK is trading around 6.1750 — we took profit at 6.22. We are looking for a pull back to go long NOK again. The JPM 6.7% preferreds are trading at $24.80, after trading as low as $22.75. I think we should sell some of your position ($20MM) around $25. You received a 42 cent dividend/share earlier this month. Corn is down 1 point from our entry point. We should add another $2.5MM to the position at these levels. Jeff Jeffrey M. Matusow JPMorgan Private Bank 140 West 57th Street. 33rd Floor, New York. NY 10019 IRS Circular 230 Disclosure. JPMorgan Chase & Co and its affiliates do not provide tax advice Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used. in connection with the promotion. marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. EFTA_R1_01468655 EFTA02408777